Most Recent Blog Posts on Taxes

3 Factors to Consider BEFORE You Become an S-Corporation

17

Jun

S-Corp, Taxes

3 Factors to Consider BEFORE You Become an S-Corporation

You might have seen or heard somewhere that making the S-Corporation election for your small business can save you tax dollars. It can. But before jumping into an S-Corp, there’s a wealth of legal paperwork and formality. Take some time to consider whether this is really what you want, and contact us if you need some help deciding. We’re going to look at three major areas of inquiry when it comes to determining whether you are ready to make the step towards incorporation. https://www.youtube.com/watch?v=xn_jwaEFLIo&feature=youtu.be Is Your Business Income and Cash Collection Steady? Owners of S-Corporations are also employees. As employees,…

Therapists: Home Sweet Home Office

You’re stuck at home during the quarantine, but you still have a practice to run. Maybe you’re meeting clients over Zoom or one of those other video services, or maybe you’re playing it old school and sticking with phone therapy. Maybe both! Sure, you might not be paying office rent anymore, but due to COVID you might also be facing a downturn in business. A reduction in business isn’t because people don’t need therapy right now — in actuality, you may find that, your clients probably need therapy now more than ever. But the fact remains that some of your…

Tax Season: This has been an unexpected one

It seems that every 3 days the environment we have been working in changes. Everything from increased isolation to schools closing along with daycares and spouses working from home. Add in IRS changes, guidance, relief packages and CARES Act and you get a very unexpected tax season. We have been doing our best to manage client needs, employee’s needs and new regulations being put in place. When I started TL;DR: Accounting I never thought about the possibility of working through a pandemic. COVID-19 came out of left field during our busiest time of the year and I have to say…